Bitcoin extends losses, falling below $32,000 after U.S. seizes most of Colonial ransom – CNBC

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A banner with the logo of bitcoin is seen during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021.

Marco Bello | AFP | Getty Images

Bitcoin’s price slipped again Tuesday. The world’s largest cryptocurrency continued to fall throughout the day amid a brutal sell-off among digital currencies.

The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline.

Court documents said investigators were able to access the password for one of the hackers’ bitcoin wallets. The money was recovered by a recently launched task force in Washington created as part of the government’s response to a rise in cyberattacks.

Bitcoin accelerated its slide late Tuesday morning, falling almost 11% at 11 a.m. ET to a price of $31,629, according to Coin Metrics data. Smaller digital coins also slumped, with ether falling nearly 13% to $2,368 and XRP tanking over 12%.

In April, 2021 was looking to be a banner year for digital assets, with bitcoin having topped $60,000 for the first time ever. But a recent plunge in crypto prices has shaken confidence in the market. Bitcoin sank to nearly $30,000 last month, and is currently down almost 50% from its all-time high.

The digital currency is now up only 9% since the start of the
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